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in retail than anyone could think. >> jc penney had a lot of customers and a lot of sales and he carpet bombed his own stores and he had a strategy that was untested and he blew it out throughout the organization. i do think that everybody connected with him has to go. it's a new broom sweeps clean, and you have the store within a store model and maybe there were real results and you never knew how this thing was doing. there was a lot of what i regard about fluff about whether it was even working, the store within a store. >> which ullman has not divorced in his early comments. >> just go right back to the lawsuit. this martha stewart lawsuit that's going on. you build a huge store within a store upon a contract that may be illegitimate between martha stewart and jc penney when you had terry lundgren, the ceo of macy's making martha stewart the centerpiece of his home business. what kind of thing was that? how can they do that? >> there were a lot of things that you can ask how could they do that including keeping mr. johnson in the seat perhaps for way too long after it was clear it w
names, bill ackman as ron johnson exits at j.c. penney, ackman on the board there, the largest shareholder at j.c. penney right now. skechers was halted earlier today. it was halted for a good time, because kpmg -- out in l.a. is suspected in eighting in an insider trading scheme. that stock is down right now by about 10%. have investors lost confidence? you can say that again. we asked it about presidents, we're going to ask and answer today about j.c. penney. it begins right now with simon. >> thank you, tyler. the stock is down big today after the resignation, probably the sacking of ron johnson more accurate. scott wapner wrote the story last night. then plummeted when the company announced that the former ceo mike ullman would return to the hot seat. during that time the stock dropped 15%, but don't forget that almost everybody, all issues were down from 2007 to 2009. right now, you can see the stock trades at 14.19, a whopping loss on the day. since johnson took over the company, the stock is down. what must he do immediately to stabilize, to right the ship. >> but first
. >> consumer protection. what jc penney shoppers really think of the strugglingry taylor and what the new ceo must do to win over more of them. >> and sir richard branson, the outspoken ceo of virgin group talks to us about everything from cheap tickets to the global economy. >> all that and more coming up on if nightly business r report. >> more milestones on wall street and not just for the arch averages, but for individuals. >> the weather warmed up on wall street today and so did stocks. records aplenty. let's start with some of those big name companies. all dow members each touching all time highs today. disney, home depot, travelers, uniteded technologies and walmart. those are only the dow stocks. those gains did help power the dow to a new all time closing high of 14673. the s&p nipped above its closing high, too, but it faded late and finished two points shy of a record close. the nasdaq was up 15. stocks got a boost from materials companies on rising demand for materials. throw in some fresh optimism about corporate earnings, then add a dash of some fed speak indicating the central
ruling that j.c. penney can, indeed, sell those goods under that jaycee p. every day label good designs, the stuart. of course, this deal that former ceo runs out some of j.c. penney struck with martha stewart really put martha in the middle. this is what went down over the past year or so in the hotly contested the, highland and closely watched court case. first, macy's has to deal with my the stewart, an exclusive deal into does a six renewed until 2018 to design what the steward branded home goods exclusively from macy's. then in 2011 j.c. penney's struck its own deal with martha stewart to design home goods under the eds acp everyday level. well, macy's attacks suing both. today a judge ruled that j.c. penney is the winner for now. also noting that j.c. penney stock performance and business have been so costly that the judge considered the ruling and averse to j.c. penney's more collateral damage for the company. and if you take a look at the stock chart, you can see, j.c. penney's stock over the past year is down big time. in fact, it was down another and a half% despite is favorab
want to begin with. it has been reported that jc penney has hired blackstone for $1 million. blackstone is talking to banks to make a $500 million or greater five-year term loan to jc penney secured by inventory. blackstone is talking to three private equity firms who expressed interest in making an investment in the company. given where the stock price is currently trading it's unlikely that the company would look to raise equity now. it's my understanding that the time to raise equity would be later in the year once jc penney has time to try to improve its financial standing. that seems obvious given where the stock currently the sits. they're figuring, give time, we're bringing back coupons and we're bringing back promotions. let's try to turn this thing around and get this ship righted under ullman and then pursue other strategies later in the year. >> first grade scoop because i read through the paperis and couldn't figure out what the heck is going on. >> would this be the kind of thing that could never happen under ronny johnson because ullman is a guy they all bank with and resp
to do. >> over the past 14 months, 111-year-old department store jc penney has been undergoing a massive transformation, changing its pricing strategy more than once, its merchandise, marketing an even the store layout. >> since they started the price change, i was more apprehensive. that's pretty good. instead of having it marked off. saving $20, you're always saving. >> on monday, the visionary behind this transformation, ron johnson, stepped down. his predecessor becomes his successor, stepping back into the top spot. and the ceo shuffle hasn't been good for investors. the stock is trading at a 12-year low. but the shoppers in new york seemed unconcerned. those that have noticed the changes in store had positive review, noting in particular the change in prices, selection and quality. >> the low price would be more attractive thing. if there's a huge sale like you said, it gets real hectic and then kind of turns me away. >> they have different kinds of bags, make up, jewelry. i don't have to go in different stores. i can just stop in one place and it's all there. >> the big question n
portfolio. online, mobile, social media. we are the street.com. >>> j.c. penney out. a big shake-up happening today. >> we lk with the comny's ceo about the numbers and the outlook. >> building your nest egg. new strategies to protect your retirement savings. >> all that and more coming up on "nightly business report." >> good evening and welcome to our public television, viewers. a big management shake-up late in the day. >> right after the market closed, the ceo, ron johnson is out after just a year and a half in the job. now mike ullman has been named interim ceo. j.c. penney's sales dropped 25% in johnson's first year at the helm, and then during his tenure the stock tumbled 50%. >> joining us now with more on what happened and what's next for the company, our courtney reagan. >> good evening to you both, tyler and susi i'm actually standing outside the new york courthouse because earlier today the trial resumed between macy's martha stewart. johnson's turn around plan just hasn't taken hold. sales down precipitously and now it appears that johnson is stepping down. that is t
johnson to this date. and the board of j.c. penney. i spoke to him a moment ago when it became known that the former ceo took a tour of the new j.c. penney proto type store. he hopes that the new prototype works. that many are counting on it. he described ron johnson during his visit. he has been incredibly critical of as delightful and energetic. he said the shops look good but the customer will decide whether this new thing actually works. we will find out when that first shop is scheduled to open in may. the largest shareholder, has the big long position in j.c. penney was making comments today as well at a conference up in boston and he said the criticism of j.c. penney, and he has been ron johnson's biggest defender and j.c. penney's biggest defender to date. in his words, too much change too quickly without adequate testing and that so far the execution has been -- again, in bill's words, something very close to a disaster. no surprise then that we just found out in the annual report that ron johnson got no bonus. his total pay was $1.9 million after some 50 some on million a y
a strategy, and j.c. penney with a hail mary pass. issue one, tebow let go, new york jets latest former quarterback never had a prayer, benched all was last seen when jets said he would their next big thing, monica, this is a debacle. because, why would you bring a guy over to just sit on a bench, then after all that, let him go. robbing him of what could be a very productive year? a young guy, but betting older, screwed him older. >> i think most people believed he would be cut loose, last year, i think that big mistake that management made was letting this become such a big distraction. neil: they brought it i upon themselves, poorly handled. >> he is kind of a spiritual figure you could say. neil: the jets are now god less? >> maybe, and they are without a few dollar signs you can market him. neil: i don't know where he goes, but todd, look at a business transaction, seemed stupid to me, now i thihat jets have a half dozen quarterbacks, none seem to be good. so, like a promise in a recruit, but i tell you, something that lacks people skills, what is going on? >> that sure seems to be
. in the meantime, macy's and jc penney back in court. for their battle over martha stewart. the latest on this pretty nasty and very personal battle. >>> we're also going to take a look at which retailer stock you should be shopping for. >>> also, you just joined us, alcoa chairman and ceo klaus kleinfeld will be here exclusively to break down alcoa's earnings moments after they are released. this could help set the tone for tomorrow. his take on the world economy. it's widely listened to. you won't want to miss it. carfirmation. only hertz gives you a carfirmation. hey, this is challenger. i'll be waiting for you in stall 5. it confirms your reservation and the location your car is in, the moment you land. it's just another way you'll be traveling at the speed of hertz. welcnew york state, where cutting taxes for families and businesses is our business. we've reduced taxes and lowered costs to save businesses more than two billion dollars to grow jobs, cut middle class income taxes to the lowest rate in sixty years, and we're creating tax free zones for business startups. the new new
&p up 9, and nasdaq ending up 18 points. gold was up a dollar, oil, up 10 cents. sources say jc penney ceo ron johnson is out! jcp shares jumped 11% in after hours trading after cnbc reported that johnson will leave the company. interim ceo mike ullman will takeover the role. taking flight. united airlines will fly boeing's 787 dreamliner in a trip from denver to houston on may 31st. it is the first airline that will do so since the faa grounded the aircraft back in january. confirmed! the senate has confirmed former wall street prosecutor mary jo white to head the securities and exchange commission. let's jump on in and take a look at the markets with doug rothschild of performance trust investment. doug, you follow the bond market...it was a miserable jobs report friday---what kind of bond action did you see after the report? > >you did see a bad jobs report come out on friday and the market reacted, certainly the bonds. and you've seen yields at their lowest point that we've seen in sevearl months and a pretty big---about 30 point move in the bond market in the last couple weeks. wh
on this board room drama with j.c. penney, whether the retailer can be saved. wheel hear why this has cost the store already the holiday season for 2013. markets now continues in a moment. we went out and asked people a simple question: how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed: the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪ your chancto rise and shine.. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. bjorn earns unlimited rewas for his small business take theseags to room 12 please. [ garth ] bjors small busiss earns double miles on every
. penney. is there breaking news there? judge says j.c. penney is going to be able to sell non-branded martha stewart products. >> we do have breaking news. j.c. penney will be allowed to sell non-branded martha designed products. this stands through the end of the trial when we hear the judge's final decision. they will be allowed to sell non-branded martha designed products. >> we know more now about what's going to happen with j.c. penney. out goes johnson. in comes mike oman in the seat. now they will get the advantage that they wanted to sell martha's materials but not the branded version. >> we had two pieces of news that tell us this company is stabilizing. i think he comes in and they have to calm things down. >> you have got these interestk personalities here. probably talked to his book just a bit, shockingly, that the stock is going to be $75 this year. basically to make him whole but he's taking a path in j.c. penney stock. >> ron johnson is a big debate out there. sales plummeted after his no sale comment. the stock plummeted throughout his tenure and yet there are
or the other. then is this retailer. neil: -- j.c. penney, shares up 12% after former ceo ron johnson was ousted, the new boss is giving j.c. penney a second chance. >> we've seen trends in retail, the last ceo leaving bucked the trend too much. consumers wanted sales and products, they were not getting it what this led to was a lack of buyer and brand confident, when consumers go to the store they want to know what they get, and what to expect, when they don't it caused them to worry about, perhaps that company no longer believes in same things i do. if the consumers feel that store hathere back that means increase sales and stock price. neil: you know not first time a unpopular ceo or embattled ceo has left and the stock soars, i don't think we'll see -- it this for last time. >> they will recycle ceos until j.c. penney has gone the way of woolworths, the problem that derrick said, they had those problems before, that is why the new guy was brought in to do the every day low price walmart thing, but j.c. penney lost its way, why would anyone now go to jc pen over a walmart, a target
'll be traveling at the speed of hertz. >> changes at the top for jc penney. ron johnson ousted after 17 months. was it the right move? how is bill act man feeling about the departure of the man he picked for the job? >> david versus goliath. virgin taking on nighted in a cross-country airfare battle. we speak to sir richard branson and david cush about the future of air travel. >>> small business is feeling about the state of the economy as the second hour of "squawk box" begins right now. >>> good morning, everybody. welcome back to "squawk box" on cnbc. i'm becky quick along with joe kernen. futures are indicated higher once again. this morning we have been watching. looks like dow is up 17.5 points. s&p by just over 3. a lot of back and forth in the markets. yesterday they ended higher. this is 14 sessions in a row it fluctuated between an up, down, up, down. this is the longest time we have ever seen tphrubg saeugz situations like that. ron johnson is out after 17 months on the job. former ceo returns to that post. the man who broke the story, scott wapner. and courtney reagan to talk abou
that the board moved him out and moved him in. it's possible he could stay, but at this point j.c. penney is using the words interim ceo. it has happened in the past that these interims become permanent, but as with best buy, the new interim ceo did not become the permanent. >> courtney, i think the $1 million question here is, is j.c. penney fixable, no matter who's the ceo? >> i think it is fixable. i think the big question is how and how long it will take. they are in the middle of a very big turnaround plan. they've torn out the guts of the old j.c. penney and they're building a brand-new model. so what do they do now? do they stop? do they do something new? a number of analysts think it is fixable. telling cnbc's scott wopner that he believes it is fixable. i don't know what's going to happen. this is late-breaking news and we're still asking a lot of questions. >> courtney reagan, thanks very much. >> also in the news tonight, a better than expected earnings from alcoa. the aluminum giant is the first dow component to turn in quarterly results. here are the numbers. alcoa earned 11
, richard. good morning. meet the new boss, jc penney firing ceo ron johnson after a disappointing tenure that saw his turnaround strategy backfire and sales plummet 25%. he's being replaced by the man he took over for, former ceo mike ullman. and dreamliner jets which have been grounded since january could soon be back flying the friendly skies. united airlines has put the 787 back on its flight schedule for may. and people are riding the rails in record numbers. amtrak says passenger numbers are up since september, despite disruption from hurricane sandy on its most traveled route. the northeast corridor from washington to boston. richard, that's the latest. back to you. >> seema, thank you so much. >>> now time for a business pop quiz for you. which retailer got his start in the jc penney management trainee program? ray kroc, jeff bezos, sam walton or george dayton? we'll tell you in a minute. >>> the numbers are in, and ford's compact focus outsold all other vehicles with more than 1 million sales. jetblue being made in mobile, alabama. speculation is swirling after fox and univision
will allow j.c. penney to sell the jcp every day merchandise at this point. the trial itself, potentially weeks from being over and when the final decision comes down. all of that could change very quickly. >> and you are going to be back in the courthouse next week and we will be counting on your reports from there. thank you so much, courtney. courtney reagan reporting on j.c. penney. our market monitor guest said that the pull back is a good thing. so, ann, you are be looking for a 10% pull back. you said you would welcome it. why should investors welcome that? >> it's hard to know how much of a pull back we will get if any at all. i'm hopeful that we will get some. i think the market has gotten ahead of fundmentals right now. so it's the multiple that is increasing but not necessarily the earnings. i think we are headed into the -- into the announcement season and preannouncement season for q1 and if we see too many disappoints -- disappointments that i think it will be selling off. >> is this as good as it gets? investors were hoping for a summer rally? >> i think after a 13% run in
, you kn, a lot of what ha is going on at j.c. penney will depend on consumers spending money in that store. there's so many issues there. let's start with the court battle. a r a lot of news coming out of the courthouse, what is the latest? >> so what happened today, the judge ruled that jc opini krmp. will be allowed to sell the goods that martha stuart designed but do not have her label. many of the products are in the cagories that macy's is arguing that they have the exclusive right to sell. the analyst values the inventory at $100 million. so the judge will allow j.c. penney to sell the jcp every day merchandise at this point. the trial itself, potentially weeks from being over and when the final decision comes down. all of that could change very quickly. >> and you are going to be back in the courthouse next week and we will be counting on your reports from there. thank you so much, courtney. courtney reagan reporting on j.c. penney. our market monitor guest said that the pull back is a good thing. so, ann, you are be looking for a 10% pull back. you said you would welc
seen there. the nasdaq, just 8 percent of the nasdaq. another closely watched name. j.c. penney, the total opposite situation. they may have reason to smile. a desperate need of cash. not a breaking story, but it could get the $500 million infusion in the form of a loan from wells fargo. that would apparently be back by the retailers' inventory and accounts receivable. let's focus on the markets as you mentioned, don't count down earnings. we have ibm on deck. right now the markets are reflecting the nonbelievers out there. doreen, what you believe that is? >> clearly we have a change in sentiment from the traders. plenty of people that are welcoming these downdrafts money back into the market. still pretty well liked. we still have a lot of corporate earnings taking place, so there is good news in months all of these. liz: i guess you can say that is true, right now we are just awful close of the session, down about 117. there is clear negativity. i am less worried about that than i am in something that the traders may seek. he tommy. >> we have been watching the copper market.
not to do. the ceo of j.c. penney is out after taking the department store chain from bad to worse. >>> the national lead at this hour, the sigh fair campus of lone star college near houston is sealed off after police say a student went building to building stabbing people seemingly at random. at least 14 people are wounded. four victims had to be flown to the hospital and two are said to be in critical condition. one suspect, a student at lone star, is in custody at this time. there is so much about this case that we still don't know. >> we do not know exactly what type of weapon was used. other than to say that it is at this point an unknown instrument. we don't know whether a knife or some other type of instrument. >> you may remember lone star college was in the news in january when three people were shot on one of its other campuses. i'm joined on the phone now by robert resa with the volunteer fire department and also with maya, a freshman. what did you see go down on campus today? >> what i saw were the victims laying down bleeding and the emt and the police officers trying
-fishing, close to an 8% stake in j.c. penney and roughly a quarter billion dollars in that. amazon are bringing in a ton of money and just as fast. and shipping centers across the u.s. and hiring a lot more workers. and this, carlos slim, the richest man in the world, cashing in big on those free cell phones that we hand out in america. and cell phones for the poor. we've got that story for you. plus, the opening bell next. >> four minutes from now, the markets open and it should be pretty flat for stocks, but gold is up again. let's bring in our friend from chicago, the man in the cow jacket because i have to ask about gdp. a 2 1/2% growth rate for an annualized basis, i don't think that's very good, scott what. about you? >> the only word i can come up with right now is embarrassing. think about all the money and the kitchen sink that we've thrown at this economy and the best we can do is 2 1/2%? stuart, i'm more worried about the fact that people are expectant of those types of numbers, that's not the america i grew up in it should be 6 or 7% with the amount of money we've thrown it at this
tried to make j.c. penney into jack penny, he failed, the stock is down. and champagne in the streets, celebrating the passing of margaret thatcher, shameful. >> and how about this, the white house says we're going to cap your retirement savings. you work, you save, but we know how much you need. and here comes grover norquist, why is louisiana dropping its tax cut plan? "varney & company" about to begin. ♪ >> they're playing the music, so dare we put j.c. penney on death watch after the company gives ron johnson the boot? in his year and a half on the job, the man who invented apples operation, tried to recreate the brand. he failed. they're going to bring in a former chief and keep things going. look at the stock price, it's going down big and we played the organ music, i'm not sure we should have, but we did. and louisiana's governor bobby jindal backing down after intense criticism. and grover norquist is with us, i say it's a big hit to your cause. what do you say? >> actually what governor jindal's done has written a plan to abolish the income tax plan and, said to the legisl
. >>> and jc penney gets a shot in the arm as billionaire investor george soros buys a stake in the struggling chain. jc penney has been exploring ways to raise more cash after firing its ceo last month following a disastrous year that saw sales slump 25%. >>> and disney settles a dispute with amc theaters allowing fans to buy advanced tickets for "iron man 3" which comes out next week. disney has been fighting with amc and other theater chains over how to divvy up the box office take from upcoming movies. richard? back to you. >> yeah, i'm looking forward to that blockbuster. thanks. >>> earnings front, samsung weighed in with record first quarter profits, one day before the u.s. release of its latest galaxy smartphone. some williams-sonoma stores in boston have pulled pressure cookers after it was confirmed that similar pots were used to construct the deadly marathon bombs. the fda has stopped imports of cucumbers after the cdc linked them to 73 cases of salmonella in 18 states. forget politics and religion. a new study finds most people surveyed are more comfortable discussing with stranger
johnson, who was fired tonight from jc -- who is stepping down from the ceo job at j.c. penney, and not a moment too soon. something we will certainly address later on when we remove his ignominious visage from our own wall of shame. we do however believe in our president, and when he says as he did as recently as four weeks ago that the u.s. economy could collapse because of the sequester, he does have the ability to freeze hiring and frighten people beyond belief. did he use the term collapse? i heard the same thing you did. which was to be afraid. be very afraid. now, i didn't know how badly the nation's business psyche was hurt by the president. president obama's endless pronouncements. even as one of my favorite columnists peggy noonan hailed him as the fear monger in chief. the vast majority took the president seriously when he warned of chaos and gigantic layoffs. think about it, are you going to apply for a loan to start a new business if you know there are going to be layoffs that could rival those of 2007 to 2009? are you going to hire more aggressively even as the fe
. i like what i saw. >> want to talk about j.c. penney. we were watching their stock yesterday. the price of their stock when it negatively. >> they are bringing back exit ceo and wanted to get rid of him but now they're bringing him back. they have been so bad for about six quarters. johnson, is out. he has been executed beautifully. j.c. penney so first from people who do not shop at department stores anymore. there's just too much space, too much inventory. j.c. penney is under pressure. they figured if they bring back this ex ceo this will help and.them. >> you mentioned that he helped shape the apple store. he did help revamp target. he is no dummy when it comes to retail. is it out of the rim? >> i try not to speculate. what i like to see it happen yes. i know someone who used to work under him and his eight era against duke.. might t fit. >> you mention bernanke yesterday. >> ultimately, he stated that the economy is now where he wanted to be. therefore, money people like myself see low-cost and he wants to help mortgages get a more refinanced at lower rates. i say that
: long before he came out, j.c. penney was floundering? i don't know, maybe they -- bottom line, not getting it done. >> you know neil with this is there are several lesson to learn, don't try to over think the retail buyer, just follow what they are doing. we know they like sales, we know they like good deals and quality, set up a model based on those three things, you will ash a track klein you want. two -- you will attract the clients you want. >> you have to know what they are spending money ofor the life of me, i have a hard tiie figuring out what j.c. penney is. >> that is -- >> go ahead. >> one thing they are looking at now how do they have a core brand structure, one thing we learned from consumer is, what with a tight economy people choose price over the quality of product. and if consumers want to do that whwise retailerss will realize f we want to bring in revenue that we may not want to bridge in but buck. >> j.c. penney was not doing that great in first place, i measured itny stock price by stock price performance. it was at 40, now 15, ron johnson came and and star
're in the money ♪ the sky is... >> osgood: next, meet the real j.c. penney. (alarm clock buzzer) ♪ (announcer) friskies. now serving breakfast. and you'll dump your old broom. swiffer sweeper's electrostatic dry cloths attract and lock dirt, dust, and hair on contact to clean 50% more than a broom. it's a difference you can feel. swiffer gives cleaning a whole new meaning. >> osgood: and now a page from our sunday morning almanac. april 14, 1902, 111 years ago today. a momentous day on the frontiers of retailing. for it was on that day in kemmer, wyoming that young james cash penny jr. and two partners opened a dry goods store. >> i have a picture here on the desk of my first store. >> osgood: in 1957, penny recalled those early days for edward r. murrow on the cbs program person to person. >> i, being a country boy and not acquainted with city ideas, my first, as you know, started in a town of 1,000 people. i chose that because i felt i could get to the hearts of the people quicker in a small town than i could in a large wn >> osgood: indeed he could. j.c. penney's first store made a pretty
is live from the floor of the new york stock exchange with a look at j.c. penney. >> and a rare upday lately for j.c. penney. the stock is up two plus percent right now. the news is that much earlier than analysts had expected, j.c.p. is drawing about $850 billion from a $1.85 billion credit line. it needs to restock shvl shelves and replenish the inventory, not to mention launching the home stores. j.c. penney needs the money to do that. they're also bulking up their homes division at a time when the housing specter is doing better. they're trying to bulk that up again. perhaps to the old 20% where it was. and as you can see, in many ways with the new c.e.o. of j.c. penney, it's trying to get back to the way j.c. penney used to be but that system didn't work, either. so this is still a very confusing story for j.c. penney and shoppers and investors. back to you. cheryl: depressing for shareholders might be a better term. thank you very much. dennis: supreme court taking up a factoring case with wild implication for bio tech. can human genes be patented? we're live outside the high co
does? >> i'll tell you why in a little bit. we know it was a tough year, 2012 for jc penney, the retailer shed 46% in the calendar year and the first 11 months of the multi-year transformation plan, and others did feel the hit. so for 2012, johnson's base pay was unchanged. but he received no stock awards this time like he did in 2011, much of that to compensate for what he was giving up by leaving apple. his 2011 compensation totaled $53.3 million with $52 million in jc penney stock awards. johnson isn't the only one at jc penney taking the hit. quote none of our named executive officers received an annual incentive award. he received 44% of the target cash compensation, that's basalry only and other officers received 55% of their aggregate target cash compensation basalry only. johnson lives in california, though, jc penney is headquartered in texas, and the proxy shows johnson used $344,213 in personal use of the corporate aircraft. jc penney had no comment beyond what is in the proxy. however, with help, you can see johnson's $344,000 is not only usual for jc penney's ce
products before launch. >> the c.e.o. of jc penney is take a huge pay cut making only $1.9 million last year down from the more than $50 million salary in 2011. since taking over, jc penney shares have plunged 60 percent. sales are also down and he acknowledged making mistakes but says jc penney is improving the customer experience at their stores. >> new this morning, an airline is defending the controversial new policy to charge passengers according to how were they weigh. they ditched the flat fee and now is charging travelers per kilogram weight. it works out to 50 cents a pound. 200-pound person pays $100. the c.e.o. of the airline claims it is the fairest way to travel and in some cases cheaper. they serve domestic routes in pacific islands. >> that is a weight loss infringement. >> nodated -- a new indictment program. >> and a busy command for president obama and a fundraiser in california. >> truck crashes into the back side of a muni bus in san francisco with impact on people in the bus and outside the bus. >> a bay area paramedic who works on a daily basis to save people's liv
man wrought to j.c. penney, probably the worst i have ever seen of any company that i have followed. maybe not even just retail. yeah, it was that bad. i'm jim cramer. i will see you tomorrow. >> good arry od evening i'm larry islow, this kudlow, this is "kudlow report." one of the greatest champions of free markets died today, margaret thatcher died. tonight, we will look at her great accomplishments and her collaboration with ronald reagan in the fight for freedom, whether britain and the rest of the world have is forgotten all she fought to give us. there's a big dark cloud on the horizon, how dare team obama cap your retirement funds? how dare they tell us how to live? this is america, that means freedom. the "kudlow report" begins right now. >> up first tonight, the sizzle story, let's remember one of britain's greatest ministers, she stopped socialism in england and promoted free market views. she stopped the british labor unions and she attempted to lower government, and privatized state run companies and put the city of london back on the map with big bang pfree markets. had
to another teenager. >> thank you. coming up on 6:47. jc penney is trying to lure shoppers back and good news for coffee lovers, jane king joins from the new york stock exchange. >> we will start by cutting packaged tar bucks -- starbucks will go down 10 percent starting may ten, a 13 percent price cut on seattle's best but no price cuts on the pods. and wells fargo had stronger earnings but paying less-than-expected on loaned money so wells fargo is down this morning. we started with a pull back but not by a lot. we have been hitting record highs each day but so far this morning, kind of a breather. the silicon valley index is lower. jc penney had a couple of years. they are bringing back old strategies to win customers back. if you miss the old jc penney, look for signs of it, coupons and already one after the ousted c.e.o., a big 20 percent coupon on the web site, and the biggest shareholder says they will put ads in newspapers again after the previous head of the company did not take inaccount america's affection for coupons. >> thank you, jane king. >> do you think justin bieber had infl
. let's see what they say about the consumers and perhaps capitalizing on the stumble that is jc penney. thursday i'm calling in huge. yooun pacific will be one of the brooits lights in the transport. got to be that they're switching to coal, and that is certain for -- we've been hearing that aing culture. autos are staying strong. 15.3 million being built. oil is being shipped increasingly by rail. it's hard to get these pipelines through. get them approved. as i mentioned with kinder. you know what, union pacific, it's time for you with the help of oil. we will have heard from intel earlier in the week about the not death of personal computers. no one believes. it's going knock down mr. softy. perhaps if the stock gets as low as 27, write that down, you buy some of the day before the company reports on thursday after the close. all the analysts who downgraded it have created a perfect opportunity. it will only work, by the way. it will work only because microsoft's yield will cushion the fall. all right. we have two high rollers that i know so many of you own or are interested about.
as the ceo of j.c. penney. formal announcement to come any time forward. but the news is, according to a source, and a reliable one, familiar with the situation, that ron johnson is no longer the ceo of j.c. penney. we all know what's happening with the stock over the last year, down 50% over that time. ron johnson taking over at ceo of j.c. penney in june of 2011. wow, shares rose 17.5% that day, so much more optimism about what ron johnson of apple was going to do when he came to j.c. penney. he put in that new, no-sale strategy from the get-go,t
uniworkerings, maybe they will learn a lesson. >> if you have to look for a turn around check out jc penney. >> interesting and good call. >> you are hot and stay hot? >> biggest sports team in the world not the yankeeses or cubs or 49erings. manchester united won the victory in europe. it is publicly traded and brands are doing well. this is it a stock. >> oh, boy. i go for real football and not the fake. thank you gang. before we go. cashin in wants to say congratulation tots3rd president on the opening of the presidential library. it is good to see heart warming moments before 41 and 43. weigh in on all of the topicings on twitter. have a >>. >> tom: should a terrorist be protected by our constitution especially if the visit an american citizen? where did that 48-hour window come from that allowed officials to question them before reading them their miranda warnings. we're talking about a citizn terrorist. right here and right now. >> tom: thanks for joining us. here athe top of the stack, being a citizen offers us all kinds of constitutional protections, it's just one of the things that
around check out jc penney. >> interesting and good call. >> you are hot and stay hot? >> biggest sports team in the world not the yankeeses or cubs or 49erings. manchester united won the victory in europe. it is publicly traded and brands are doing well. this is it a stock. >> oh, boy. i go for real football and not the fake. thank you gang. before we go. cashin in wants to say congratulation tots 43rd president on the opening of the presidential library. it is good to see heart warming moments before 41 and 43. weigh in on all of the topicings on twitter. have a great weekend, everybody. hello, everybody. i am uma, live in washington. an arrest in this week's ricin letter scare. a mississippi martial arts instructor is in custody accused of sending the ricin-laced letters to president obama and footworks. efvet dutschke wased this morning. >> uma, 41 year old everett dutschke was arrested on unspecified chargings. he was taken without incident in tupelo,
're a bull on j.c. penney and you think we're at or near a bottom, this is some of the best news you could have gotten. he is now running a family office with about $25 billion in capital. his investment is a passive one. it's a 13 g filing and he says as part of it that he's not going to use this ownership to affect change in the way the company is run or who is running it. >>> sue. >> avon announcing that long time board member fred has resigned and that doug was taking over the role of ç non-executive chairman. says that he is leaving to focus on other professional commitments. can google predict the direction of the stock market? and more bad news for apple. >> iphone shipments are at record lows. samsung smart phone sales are soaring. and the competition is heating up with amazon. "power lunch" takes on the struggling i con economy. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#:
.. >> you do not want to invest. >> j.c. penney is continuing to lose market share and wal-mart is increasing market share. there are so many tickets were ideas to register i've not been in a j.c. penney in the least 20 years. and his recent new ideas did not relate take shape. he was recently let go, the new ceo of j.c. penney. before, he worked for apple. i think that he is trying to reinvent a store within a store. raleigh, j.c. penney started in the 1920's, 1930's. >> he was only the ceo for 17 months. >> checking the traffic. at this hour. first, san jose. the guadeloupe overpass in the headlights are hheading south bound. and traffic not that bad but look at the bay bridge toll plaza! no problems. no backups. the walnut creek interchange 680-24 interchange into the golden gate bridge. a bit sluggish but not that bad. relatively well at this hour. we will be back. ♪ [ a [coustiusc guitar: upbeat] [ dog ]g we found it together. on a w aalk, wk,alk, walk. love to walk. yeah, we, found that wonderful thing. and yod u smilsmed. and threw i. and ani decided i would never
down a tough to 15.51. >> jc penney saying its ceo did not receive a bonus or stock award after what was a dismal year for the retailer. courtney reagan has the details. >> 2012 was a rough year for jc penney, no doubt. they shed their value in the calendar year as they logged the first 11 months. ceo ron johnson and others felt that hit in their paychecks. for 2012, johnson's base pay was unchanged at 1.5 million and his total compensation 1.9 million and he received no stock awards to compensate him for the apple stock that he would have invested had he stayed with the company. it did total 53.3 million with the stock awards worth $52 million. johnson wasn't the only one at jc penney taking a hit. none of the others got bonuses and due to the company's financial results versus its goals. the ceo received 44% of its target cash, the proxy said and the other named executive officers received collectively 55% of their aggregate target cash compensation. johnson still lives in california, but jc penney is headquartered in texas and johnson showed $are 344,000 in the corporate use of th
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